You Could Take Over the World with Business Lines of Credit

Well, maybe not the entire world. However, you can definitely take your business to a new level. If it’s in trouble, business lines of credit could be just the thing you need to get you over the hump. But what makes this a better option than any other type of business funding? Furthermore, where do you find a business line of credit? Never fear. We have the answers you seek.

What You Need to Know about Business Lines of Credit

A business line of credit is similar to a credit card, so many think they work exactly the same. They really do not. There are some major distinctions between the two. These distinctions make each one better suited for specific situations. For this reason, it is not a bad idea to have both at your disposal for use as needed.

Find out why so many companies use our proven methods to get business loans.

Solving the Business Lines of Credit Mystery

Surprisingly, business owners often do not understand what business lines of credit really are. The simplest explanation is that they are a revolving line of credit. In fact, they are very much like credit cards. For example, like a credit card, you have a limit and continuous access to that limit. At the same time, you make payments only on the portion you use each month.

Consider the following example. You have a $1,000 line of credit. You can use however much of those funds you need each month for whatever you want, unless your lender restricts use. If you use $200, then when you get your statement you will have to pay $200 plus the interest. You will not owe or pay interest on the whole $1,000 loan.

If you were to spend the $200, then spend another $50, you would pay on the $250, minus any payment already made, the next month. Your payments change as your balance changes. Just like with a credit card.

Access is generally granted through checks or a debit card connected to the line of credit account.

Business Lines of Credit vs. Credit Cards

Business owners often ask what the difference is between business lines of credit and credit cards. Why is one better than the other? Truthfully, sometimes a credit card may work better. It just depends on your specific situation and needs.

The main differences you need to know are that a business line of credit typically has lower consistent interest rates. Also, there are none of the perks like 0% interest or cash back that you sometimes see with credit cards.

Unsecured Line of Credit vs Secured Line of Credit
There are two types of business lines of credit. You can get either an unsecured line or a secured line.

The fact is, an unsecured line of credit is harder to get. Also, it usually costs more than a secured line of credit.

This is due to the increased risk to the lender with an unsecured business line of credit. A secured business line of credit has the safety net of collateral. Therefore, if you cannot or do not pay, the lender can still use the collateral to recover.

Some business owners either do not have collateral to offer, or they have no interest in tying up their assets with financing. In this case, an unsecured line of credit may be an option.

An unsecured line of credit typically has strict approval guidelines and qualifications. Due to the increase in credit risk, they will also likely have higher interest rates and less favorable repayment terms.

3 Questions to Ask Yourself Before Looking for Business Lines of Credit for Your Business

While nothing is a guarantee, there are some things you can do to help ensure you get the best possible business lines of credit for your business. Start by asking yourself these questions.

Why Do You Need a Credit Line?

This is the basis of finding the best business line of credit for your needs. You have to actually know what your needs are. Here are some examples of how a business may use a line of credit.

Buy or stock up on inventory, raw materials, or supplies while on sale. This can reduce cost of goods sold and consequently, increase the bottom line.
Purchase or repair minor equipment when needed. This would be like a new printer or laptop. . Larger equipment, like an industrial freezer, would best be purchased with an equipment loan.
Cover temporary gaps in cash flow or continuous, expected cash gaps due to timing issues. For example, if several bills are due at the beginning of the month and you know your largest contracts pay at the end of the month, you could cover those bills with the line of credit until your contracts are paid. The money is coming. It is reliable. However, the bills are due before the money comes. You can pay the bills with the line of credit. Then pay off the line of credit when the contracts pay.

Another example of this is a seasonal line of credit for a business that does the majority of its sales during a certain time of the year. A florist does a large percentage of sales during Valentine’s day, so a seasonal line of credit can come in handy to bridge the cash gap during other times of the year.

What is Available to You?

Shop around with different lenders to figure out which ones offer the best business lines of credit. You will want to look at factors such as interest rate and credit limit in relation to what you need and can afford.

Check with various types of lenders to get a feel for which ones offer what you need. Research larger banks, as well as small local institutions and credit unions. Don’t forget about online lenders either.

What is Your Business Credit Like?

Your ability to get approval for the best business line of credit will be directly related to your business credit. While lenders may also consider income and cash flow, they are going to rely most heavily on your business credit score when making an approval decision about a line of credit.

A lower business credit score does not necessarily mean you can’t get approval, but it could greatly affect your interest rate and credit limit.

Find out why so many companies use our proven methods to get business loans.

Consider signing up for a credit monitoring service that lets you keep tabs on your business credit and what is affecting it each month.

Once you have a handle on why you need a business line of credit, what is available, and what you may actually be eligible for, you can make a decision as to where you are going to apply and which product you are going to apply for.

Determining which of these lenders offers the best business lines of credit for your business goes back to knowing what you need, who has it, and who will approve you for it.

When Is a Line of Credit Better than a Credit Card?

If you are going to need to make payments, a line of credit is a better option. The reason is pretty simple. The credit rate is almost always lower. The few exceptions are those cards that offer 0% APR for a short period of time.

If you are going to use a credit card to make regular purchases that you are going to pay off immediately, and you qualify for a card with perks such as cash back, then you may find that you can benefit from using a credit card over a line of credit.

An example would be if you wanted to use your business credit card to make your monthly supplies purchase each month and then pay it off in the following month so that you could take advantage of the cash back.

To float a cash flow gap or make significant purchases that you will need pay out over a short amount of time, a line of credit is almost always the best choice.

Where Can You Find Business Lines of Credit?

Not all lenders offer them, but there are options available at many traditional and alternative type lenders. Which one you go with depends, again, on your specific situation.

Traditional lenders typically have the lowest interest rates. However, their repayment terms may be less flexible. They will also have harder to meet qualifications and a longer approval process. In addition, it can take several days after approval to have access to the funds.

An alternative lender will usually have easier to meet qualifications and more flexible repayment terms. The tradeoff is interest rates are much higher. The approval process is faster however, and in some cases, you can access funds in as little as 24 hours.

Where to Find the Best Business Line of Credit

Since most small businesses will have a hard time getting approval from a traditional lender due to poor credit or a lack of sufficient credit history, here are some examples of what some alternative lenders are offering currently.

Kabbage

Kabbage offers a credit line of up to $150,000 with no credit score required. The catch is that the interest rate is between 32 and 108%. The business must have been in existence for at least one year and have revenue of at least $50,000.

Due to the extremely high interest rate, this is really only an option for those businesses that cannot get financing due to a low or nonexistent credit score and need something immediately.

StreetShares

There is a credit line available at StreetShares of up to $100,000 for those who have a business credit score of at least 600, have been in business for at least one year, and have at least $25,000 in revenue.

It requires weekly repayment.

Due to the lower revenue requirement, this is a good option for smaller businesses that are okay in the credit department but have trouble meeting higher revenue criteria. Also, the interest rate minimum is lower, with the low end at 9%.

OnDeck

If you have a credit score of at least 500 you can get a credit line of up to $100,000 with OnDeck. There is a $20 per month maintenance fee, and weekly repayment. The interest rate is a little higher here than with those that require a higher credit score minimum. It ranges from 13.99 to 39.99 percent.

Again, due to the higher interest rate, this should only be an option if you cannot meet the higher credit score requirement.

Find out why so many companies use our proven methods to get business loans.

Lending Club

The credit line offer from Lending Club goes up to a limit of $300,000. It requires a credit score of 600, at least one year in business, and at least $50,000 in revenue. The repayment term is 25 months. Also, they require collateral for limits over $100,000.

This is a good option for those who meet the requirement as there is a higher limit available with collateral, and the interest rate can go as low as 6.25%. The repayment terms are much friendlier as well.

The Best Business Lines of Credit May Be Closer Than You Think

A business line of credit can be a great option for funding, depending on your specific needs. Ask yourself first if you need a credit card or a line of credit. The truth is, it doesn’t hurt to have both. Then, do your research. Start with the list above, but don’t stop there. Do some research and find a product that will really give you what you are looking for.

In doing so, don’t forget to take other funding options into account. Not only are there various types of loans available, but crowdfunding and grant opportunities exist as well. Find out more about the various options available for funding a business and you just might find that at this point, you really need something other than a business line of credit. At the very least, you’ll have the knowledge going forward, which can only aid in your ability to make better funding decisions for your business.

The post You Could Take Over the World with Business Lines of Credit appeared first on Credit Suite.

Support Remote Working and More –10 Brilliant Business Tips of the Week

You’re concerned about the coronavirus. So are we. So, we put together 10 awesome business tips helping you to support remote working even long after COVID-19 becomes a distant memory.

The Hottest and Most Brilliant Business Tips for YOU – Support Remote Working and More

Our research ninjas at Credit Suite put on surgical masks and smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Support remote working to keep your employees safe – plus more ways to refresh your business and marketing.

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So, settle in and scoop up these tantalizing goodies before your competition does!

#10. Content is King; We’re All Just Vassals (or Maybe Court Jesters)

Our first jaw-dropping tip is all about kicking off your content marketing the right way. Inc says the first key point is to own your own content. Oh yes. Oh my God, yes.

What does this mean?

Owning your own content virtually always means your business has a blog and a website. It’s not Wix and it’s not Medium. Content ownership matters because you never know when a platform will implode. Remember: people used to think MySpace would be around forever.

Heh, not so much now, eh?

Here’s another tip we really liked.

Define Your Niche, and Then Broaden It

What does Credit Suite write about? Well, we don’t write about business in the generic sense. Rather, we write about business credit. And there are some natural offshoots to that. That includes these Friday blog posts about marketing. It also includes what it takes to start a business, and how to fund yours.

But we don’t write about just anything when it comes to business. So, don’t expect to get advice about working with foreign exporters here. But that’s okay. There are plenty of other places to find such information.

The bottom line is you don’t have to be all things to all people. For that way lies madness. Get good at your niche!

#9. Marketing for Those of Us with Champagne Tastes and Beer Pocketbooks

The next awesome tip is about marketing for a startup when your budget is, shall we say, less than grand. Young Upstarts notes the old school business card is still a fantastic way to market yourself.

It also has the benefit of being something tangible. Even with fewer gatherings (thanks a heap, COVID-19), there’s nothing stopping you from slipping a business card into an envelope with something you’re mailing anyway. That could be advertising materials or even invoices.

Here’s another idea we loved.

Fishbowl Marketing

Have you ever seen one of these on a receptionist’s desk? It’s one of those things where you toss your business card (there’s another use for ‘em) into the bowl or bucket. You’re entered into a contest for … something.

Of course, only one person (or only a few people) wins. What happens to all those other business cards?

If you said they’re added to a marketing mailing list, then give yourself a gold star. And if they’re just tossed, then what a wasted opportunity!

So, collect the cards. And for the folks who don’t win? How about telling them they’re entered into a second chance drawing or future drawings? Give to get, as we say.

Mailing lists filled with warm prospects are worth more than their weight in gold. The good old fishbowl is an easy way to build one, for nearly no cost.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Support remote working for more than safety and health – it’s great for productivity, too. Plus, nine more fantastic tips!

#8. You Have from the Ground Floor to the Top Floor to Convince Me: Now, Go!

Our following life-changing tip concerns writing an elevator pitch. Business Knowhow lays it all out for us. This is a skill you can use elsewhere in life, by the way.

Maybe the best part of this article is the emphasis on personal connections and tailoring. We believe in value in every transaction here at Credit Suite. And you should, too! Your audience certainly does.

It all starts with understanding what they’re looking for. So, let’s go with a fer-instance.

An Example

Let’s say you sell perfume. A retailer is wondering whether it’s worthwhile to set aside some of their valuable shelf space for your product. An end user is wondering what your product smells like. And they may be wondering if you ever test on animals. And a distributor may be concerned with how well your product is packaged to prevent breakage, and where your manufacturing center or warehouse is.

Telling your end user or a retailer that your product is made in Milwaukee is going to get you tuned out right quick. And telling a distributor that your product smells like lavender and mint doesn’t matter to them unless your packaging fails. Or there’s a spill on the highway.

A Personal Story

Elevator pitches (often in writing) are an integral part of the author experience. In a few moments, I have to convince a publisher that they want to read all 100,000+ words of a science fiction story showcasing the struggles in a society composed of humans, smart robots, and aliens.

This has led me to understanding better about what a publisher (or agent) wants. They want something that sells. That’s their bottom line. So, while they want to know if my book will be a page turner, they’re also wondering what the ultimate readership could be. This helps them figure out how to market it. So, if I tell them it’s a cross between Alien Nation and I, Robot, then they’ve got a much better idea of who might want to read the novel.

This is different from how the story might be pitched to readers. That’s the blurb (you know, the piece on the back cover of a book or in the description section on Amazon). For a reader, I might draw an analogy to current attitudes toward immigration and technology.

You may have a service and not a product. And if you have a product, it’s probably not a book. So, your specifics will differ. But this is yet another area where tailoring will serve you well.

#7. Good Blog Posting is no Accident

So, for our next sensational tip, we looked at creating converting blog posts. Opt in Monster says that breaking up texts makes it more compelling.

That’s kind of why we do it in these posts!

But there’s more than that, when it comes to writing a blog post to help with conversions. We’ll just concentrate on one of the tips in this article.

Bang! Bullet Points to the Rescue

The best things about bullet points are:

They’re easy to read
Readers are naturally drawn to them
They’re a great way to make short, sharp points
You don’t need to even write full sentences
In fact, they’re supposed to be a lot more like headlines
And they break up text beautifully

#6. Creating Bite-Sized Content for Bite-Sized Attention Spans

This tip is so cool, and it works! G2 tells us all about creating ‘digestible’ content.

Did you know the current attention span is something like eight seconds?

That’s less time than it just took me to read the first part of our tip #8 (right before the ‘An Example’ subheading). And I know what it says! The first time you read it, it probably took more like eight seconds to read the first one or two paragraphs.

Yeah, it’s like that. Whoa.

Short, Sweet, and Maybe to the Point

The article focuses on some great forms of short content and how to get them going. We highly recommend reading the article in its entirety. So, let’s talk about one type of nugget-sized content.

Videos

We create business credit videos here. Lots and lots of videos. Some are short, and some are longer. The beauty of video isn’t just that you can get a lot across in a shorter amount of time. It’s also possible to multitask when it’s on. You’re busy. I’m busy. All God’s children are busy.

So, make it easier for your unbelievably busy audience to connection with you and give them short, sweet content mixed in with the deeper dives.

#5. Keep Your Workers Safer and Support Remote Working – Now and Forever

Grab this mind-blowing tip while it’s hot!

And you can help people, too, which is awesome. You can do so when you support remote working.

Effortless HR says when you support remote working, you allow for more employee flexibility. Because the challenge is less to attract top talent these days (although that’s still vital) – it’s keeping them. And keeping them happy.

Of course, this setup reduces operational expenses. Imagine having to only rent enough office space for 15 workers, rather than 30. And if you offer a commuting benefit, you’re only paying for gas or train or bus tickets for 15 people (or whatever the figure is). After all, it makes sense. Letting people work from home means you don’t need to pay someone to commute from their bedroom or kitchen to their spare room or couch or the like.

Let’s concentrate on one terrific benefit when you support remote working.

Look at that Big Candidate Pool – Just Look at it!

That is, when you support remote working, you’re allowing people to work who couldn’t before. The parent with the small child. The caregiver for an elderly parent. And, yes, the person who’s disabled, either temporarily or permanently.

Your employee could be in a wheelchair, and it wouldn’t make any difference versus other employees who aren’t. They could have a child who needs attention. But so long as they get their work done, then things should be golden.

Personally, I love working from home. And I am just about at a point where I wouldn’t even consider a company if they didn’t offer it (don’t worry; I’m not looking to jump ship). But yeah, it means that much to me.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Support remote working for more than safety and health – it’s great for productivity, too. Plus, nine more fantastic tips!

#4. Ready, Set, Makeover!

So, check out this spectacular tip, all about giving your office a productivity makeover. After all, even as you support remote working, you may still have folks who’ve got to be the office. Under 30 CEO notes that your environment can have a serious effect on your productivity. One of their tips really surprised us.

Clutter, Clutter, Everywhere

You may be used to working amidst a lot of papers you’re not working on right now.

Guilty as charged.

Don’t.

And here’s why.

Clutter can actually make you more creative. How? It has to do with being able to make unique and new connections. But that tanks your productivity. Once you’ve got the creative stuff going on, it’s time to buckle down and execute on your ideas.

So, maybe take out those papers and the like, whatever helps you get creative, to start. But then put them away when it’s time to get in gear and get things done.

#3. Initial Traction, then Scaling

So, it’s not your imagination: this winning tip can help you scale your efforts. Startup Professionals tells us your first job is to get traction. Of course, you should – otherwise, you won’t have a business!

But once you’ve gotten going, things are going to have to change. This is a part of the natural progression of startup ventures. Things need to slow down and pivot after a while.

Let’s concentrate on two separate tips.

Squeeze Those Pennies!

Can you get a volume discount? Or maybe a few percent off if you pay early? If you can do it, then go for little helpers like this. Get used to looking for the bargains out there. And get used to finding ways to defer payments. Hey, starting business credit is one great way to do that.

That’s one of the reasons why we here think it’s so awesome.

Selling is Everyone’s Job

Just adding sales to someone’s job title shouldn’t be necessary to get them to help with sales. This doesn’t mean everyone is hard selling and cold calling, etc. Rather, it means your employees are company advocates. This can even get into them telling their friends they like working for you (assuming they do, of course). More easily and cheaply attracting great talent is a terrific way to save money.

By the way, the article says to do this and we agree – reward people who help with this! Being a wonderful place to work is a pretty surefire way to convince your employees to tell your pals they, you know, actually like working for you.

#2. Job Candidates are People, Too

Well, of course they are.

Our second to last unbeatable tip can give you a new perspective on improving the job candidate experience. Indeed reveals all about treating your future employees better.

It’s hard to hire these days. So, why make it harder for yourself?

I’ve been through a ton of job interviews and the hiring process varies wildly from place to place. This tip really resonated.

Don’t Wait Forever to Provide Feedback

At a certain point, a job candidate will think you’re ghosting them if you don’t follow up soon. At the absolute minimum, please let people know if they’re still in the running. And if they aren’t, then cut them loose.

#1. Is Disruption Compatible with Customer Satisfaction and Process Excellence? It Can Be

We saved the best for last. For our favorite remarkable tip, we focused on how industry disruptors can improve customer satisfaction and process excellence. Entrepreneur says these are not mutually exclusive goals. We recommend reading the article in its entirety, so instead we’ll focus on one particular point.

Map and Maintain Your Processes

YouTube is a disruptor. So’s Google. You honestly think they don’t have any processes in place? Of course, they do! Those are processes for everything from hiring to deciding on the color the walls in their offices.

Processes help with workflow. They save time and, by extension, money. The gist of it is – if it’s already been decided, then that’s one less thing to do. So, your business can be Disruption City. Just, stop reinventing the wheel all the time.

So, which one of our brilliant business tips was your favorite? And which one will you be implementing now?

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Support remote working for more than safety and health – it’s great for productivity, too. Plus, nine more fantastic tips!

The post Support Remote Working and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

Best Business Credit Cards

Check out the best business credit cards!

The Very Best Business Credit Cards

We researched a number of company credit cards for you. So, here are our picks.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This reveals you can get a lot more money with small business credit. And it also shows you can have personal credit cards at retail stores. So, you would now have an additional card at the same retail stores for your company.

And you will not need collateral, cash flow, or financial data to get small business credit.

Best Business Credit Cards: Advantages

Benefits can vary. So, make certain to select the perk you prefer from this selection of options.

Best Business Credit Cards with 0% APR – Pay Zero!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no yearly fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can earn unlimited points and points will never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 in the first 60 days of starting the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They additionally get trip cancellation coverage, trip delay reimbursement and other advantages.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

JetBlue Plus Card

Consider the JetBlue Plus Card for yet another offer of a 0% introductory APR

Get six points/dollar on JetBlue purchases, two points/dollar at dining establishments and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the first 90 days and pay the annual fee. So, then you can get 40,000 bonus points. New cardholders receive a 12-month, 0% introductory APR on balance transfers made in 45 days of account opening.

Thereafter, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 yearly fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Business Credit Cards with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.

So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 yearly are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cellular phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber anticipates the majority of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. So, the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll want to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This credit card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, earn 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So, keep in mind: the $0 yearly fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus offered with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash ℠ Credit Card. Businesses can get cash back with every single purchase. Spend $3,000 in the initial three months from account opening. And you’ll earn a $500 bonus cash back.

There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and balance transfers. Afterwards, the APR is a 15.24 – 21.24% variable.

The card features travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is more. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Get 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.

Also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Starwood Preferred Guest® Business Credit Card from American Express

Another alternative is the Starwood Preferred Guest Business Credit Card from American Express.

This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at American restaurants, American filling stations, and on American purchases for shipping.

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, earn two points per dollar.

Details

Get 75,000 bonus points when you spend $3,000 in the first three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The most significant issue is the yearly fee. There is a $0 introductory annual fee for the first year, then it’s $95 after that. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Best Business Credit Cards for Average Credit

Capital One® Spark® Classic for Business

For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Business Credit Cards for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Consider the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For each dollar spent at participating IHG hotels, earn 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.

Plus, all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card offers a free one-night hotel stay per year. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The biggest issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep

Marriott Rewards® Premier Plus Credit Card

This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.

Spend $3,000 in the first three months from account opening and get two free night awards (each valued up to 35,000 points).

Cardholders get access to perks including a free one-night stay annually after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. Plus, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.

Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply

Best Business Credit Cards for Low APR/Balance Transfers

Discover it® Cash Back

Look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Also, automatically earn unlimited 1% cash back on all other purchases.

You will get an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Credit Builder Company Credit Cards – Make Your Credit Surge!

Discover it® Student Cash Back

Be sure to look at the Discover it® Student Cash Back card. It has no yearly fee. The card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One one-of-a-kind feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit each year for up to five years.

Details

Use this credit card to build personal credit. While this is a personal card versus a business credit card, for new credit users, their FICO scores will matter. And this credit card provides an excellent way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this card offers unlimited 1% cash back on all purchases.

In the initial year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Best Business Credit Cards for Cash Back

SimplyCash Plus Business Credit Card from American Express

Look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases. So this is for the first 15 months an account is open.

But when the introductory period runs out, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from US service providers. But this applies to the initial $50,000 of annual spending. Then, you get 1% cash back.

You also earn 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you earn 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Capital One® Quicksilver® Card

Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 annual fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is available for those who make at least $500 in purchases in 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Business Credit Cards – Get a Secured Option

Wells Fargo Business Secured Credit Card

Check out the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders develop or rebuild their credit.

Choose this card if you wish to get 1.5% per dollar in purchases without any limits or get one point for every dollar in purchases. You also get 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Best Business Credit Cards for Jackpot Rewards

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

Details

Earn 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee credit cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases get an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

The Best Business Credit Cards for You

Your absolute best company credit cards hinge on your credit history and scores.

Only you can pick which features you want and need. So, be sure to do your homework. What is excellent for you could be disastrous for another person.

And, as always, be sure to establish credit in the recommended order for the best, fastest benefits.

The post Best Business Credit Cards appeared first on Credit Suite.

Loans, Grants, and Other Funding, Oh My! Women Owned Business Grants and Other Funding Options for Women Business Owners

There are a ton of options available to women for business funding. Some are female specific, like women owned business grants. Others are not regulated to women specifically, though they may work better for women than some other options. The key is to quilt together the options that work best for you and your needs.

Top Options for Female Business Owners, Including Women Owned Business Grants

You can look around for women owned business grants and other funding options specific to women. They do exist, but there are not that many of them. The best bet is to combine those that you can find along with options that work well for women in business, though not specifically designed for women exclusively.

Demolish your funding problems with 27 killer ways to get cash for your business.

Business Loans for Women

Hands down, business loans are the most easily accessible and sure-fire option for funding a business. This is true whether you are a woman, a minority, a veteran, have a disability, or even if you do not fit into any of these categories. It may be hard to believe, because loans cost money, right? Free money is better, and if those options are out there, they have to be better, right?

While these free money opportunities are great, they are few and far between. Not only that, but they are typically highly competitive. Definitely pursue them, but realistically you need to understand that loans are pretty necessary when it comes to running a business. Especially in the early phases. In general, the best place to start for virtually all small business owners, whether a female or not, is The Small Business Administration.

Small Business Loans from The Small Business Administration

While many start out looking for women owned business grants, you can just know that you will probably need loans at some point as well. Though not specifically for women alone, the SBA offers government backed loan programs. Many of these are perfect for women business owners, even though they are not for women exclusively.

7(a) Loans

This program offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

To qualify, a business owner has to have a credit score of at least 680. There is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. If a business is a startup, business experience equal to two years is enough.

This is by far the most popular of the SBA loan programs. Funds are available for a broad range of projects, from working capital to refinancing debt, and even buying a new business or real estate.

504 Loans

These loans are also available up to $5 million. They can buy machinery, facilities, or land. Generally, they are used for expansion. Private sector lenders or nonprofits process and disburse the funds, and they work especially well for commercial real estate purchases.

Terms for 504 loans range from 10 to 20 years. Funding can take from 30 to 90 days. The minimum credit score requirement is 680, and collateral is the asset being financed. There is also a down payment requirement of 10%. However, this can increase to 15% for a new business.

Furthermore, there is a requirement that you be in business for at least 2 years, or that management has equivalent experience if the business is a startup.

Microloans

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle microloan programs as intermediaries. Unlike other SBA programs, financing comes directly from the Small Business Administration.

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. They can take up to 90 days to fund. There is a 640 minimum credit score requirement. However, the collateral and down payment requirements vary by lender.

Demolish your funding problems with 27 killer ways to get cash for your business.

SBA Express loans

Express loans top out at $350,000 and have a maximum interest rate of 11.50%. Terms range from 5 to 25 years, and the SBA guarantee is less than with their other loan programs at 50%. To qualify, your credit score must be above 680. In addition, you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary depending on the lender.

The turnaround for express loans is faster, too. The SBA takes up to 36 hours to give a decision. Necessary paperwork for application is also less, making express loans a great option for working capital, among other things, if you qualify.

SBA CAPLine

There are 4 distinct CAPLine programs that differ mostly in the expenses they can fund. Each of them carries a maximum amount of $5 million and an interest rate that ranges from 7% to 10%. Funding can take 45 to 90 days.

The four different programs are:

Seasonal CAPLines -Financing for businesses preparing for a seasonal increase in sales.

Contract CAPLines -Financing for businesses that need funding to fill a contract.

Builder’s CAPLines -Financing for businesses taking on a real estate or construction project.

Working capital CAPLines -Financing for businesses that are struggling with a short-term slump in sales.

You must have a credit score of 680 or above to qualify for these. There is no minimum time in business requirement unless you are getting a seasonal CAPline. That one carries a one year in business requirement.

SBA Community Advantage Loans

This pilot program is set to expire or extend in 2020. It’s meant to promote economic growth in underserved areas and markets. Lenders can be less strict when it comes to poor credit or low revenue if the business has the potential to stimulate the economy or create jobs in underserved areas.

Loan amounts range from $50,000 to $250,000 with a maximum interest rate of 11%. Terms range up to 25 years.

CrowdFunding

If you want to reduce the amount of loans you need to start and run your business, crowdfunding is a viable option. Crowdfunding gives today’s business owners a new way to build a successful business. Don’t be fooled. Not everyone with a campaign on a crowdfunding site is successful. Funding a business with crowdfunding doesn’t happen overnight. In fact, it often doesn’t happen at all. To succeed at crowdfunding, you have to research what works, what doesn’t, and then cross your fingers because truthfully it may work, and it may not.

Find which crowdfunding platform is best to use for your business. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some work better for specific types of businesses than others. Also, some may have higher success rates for women than others. Do your research.

Women Owned Business Grants

All grant programs are highly competitive. However, they are still worth the effort to apply. There really isn’t anything to lose except time. It’s free money. Women owned business grants are rarely enough to fully fund a business, but they can supplement other funding types. Here are some examples of women owned business grants.

SBA Women’s Business Centers

In addition to helping with loans, the SBA Women’s Business Centers also help women entrepreneurs get access to other types of funding. Some lend money or award grants directly, while others help connect women entrepreneurs with financial institutions. Take a look at their website to find out more on how to apply for women owned business grants through this network.

Eileen Fisher Women Owned Business Grants

The clothing brand Eileen Fisher hands out $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.

Amber Grant

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

#GIRLBOSS Foundation Grant

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000. They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.

Demolish your funding problems with 27 killer ways to get cash for your business.

Cartier Women’s Initiative Award

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place. They award the grant to 18 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information.

All of the finalists get to attend the INSEAD Social Entrepreneurship 6-Day Executive Program (ISEP). They will also have the opportunity to participate in workshops on entrepreneurship and business coaching seminars, as well as be exposed to networking opportunities.

Other Funding Options Beyond Women Owned Business Grants

While programs like those that provide women owned business grants and those offered by The Small Business Administration often work to meet the special challenges women business owners face, sometimes it just isn’t enough. If your credit score does not allow you to qualify for SBA loans, there are other options available as well. They tend to work well, though not specifically designed for women.

Lending Club

LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loan funds to buy equipment, finance growth or expansion projects, consolidate other debt, or hire new employees.

One benefit LendingClub offers with their small business loans that many others do not is access to a client advisor. This is someone to help you figure out how to best use your business loan funds, as well as how to budget loan payments.

The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000. There is a minimum time in business requirement of 12 months to qualify. In addition, you must have at least $50,000 in annual sales. There can be no tax liens or bankruptcies, and you must have at least 20% ownership. They will work with a credit score that is fair or higher. A fair credit score ranges from 620 to 659.

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan. They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.

Potential borrowers submit one application and then see offers from lenders in the network. The minimum loan amount is $500 while the maximum is $5,000,000. The business must be U.S. or Canada based and must have a business bank account. There is a minimum personal credit score requirement of 560.

Blue Vine

BlueVine offers two options for small business financing. They include lines of credit and invoice factoring. They also offer the ability to talk with a financial advisor. Their application process takes place exclusively online. The minimum loan amount is $5,000 and their maximum is $100,000. Furthermore, to be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.

Kiva

Kiva has a unique lending model. They offer loans to businesses, but their platform is far different from that of traditional or even other non-traditional lenders. It is sort of a cross between crowdfunding and lending. They offer loans with a 0% interest rate. That means, even though you have to pay it back, it is actually free money. In addition, they do not run a credit check. The only requirement is that you have to get at least 5 family members or friends to donate money for your business. Also, you have to give at least a $25 loan to another business on the platform yourself.

Grameen

Grameen is one of the few lenders that offers microloans specifically for women. The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.

As a bonus, they report payments to Equifax and Experian. The result is, these loans help borrowers build credit.

Choose Your Funding Options Wisely for Women Owned Business Grants and More

For many, business funding will be similar to a quilt. Just as a quilt weaves various colors and types of fabric into a beautify, functional work of art, so can business funding work. There are various types available, and if you combine the ones that work best for you, they can work together to ensure your business not only stays running, but also growing and thriving. This includes women owned business grants.

The post Loans, Grants, and Other Funding, Oh My! Women Owned Business Grants and Other Funding Options for Women Business Owners appeared first on Credit Suite.

Write More Likeable Social Media and More –10 Brilliant Business Tips of the Week

Are you looking to write more likeable social media copy? It’s nothing without a thumbs up – so make it easier for people to like what you’re putting on social media. We show you how, plus 9 other awesome tips to help your business succeed.

The Hottest and Most Brilliant Business Tips for YOU – Create More Likeable Social Media and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! More likeable social media can get you more prospects and more sales – and we show you how to do it!

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So, settle in and scoop up these tantalizing goodies before your competition does!

#10. Business Success is in Your Hands

Our first jaw-dropping tip is all about running a successful business. HubSpot quotes some sobering statistics. Currently, 9% of American businesses close each year. Yet only 8% of businesses are started each year. And around half of all new businesses close after the first five years.

Still, that means half don’t. So, how do you get into the other half? You know, the good half?

This article is jam-packed with great stuff so we encourage you to read it all. Hence, we’ll concentrate on bits of it.

Offer Benefits for Staff

Now, you may be wondering why I’m zeroing in on this. It’s not necessarily something which businesses start with. Yet, it’s still vital.

Why is it so important to offer employees benefits? Well, some are required by law no matter what. You’ve got to offer jury duty leave. And you need to have workers’ compensation. But there’s another reason to do so.

Benefits help to motivate your employees. And they help your employees with buy-in. Employees are more likely to be loyal to a company with decent benefits because benefits directly help them. Life and disability insurance could help a struggling family more than nearly anything else. Beyond employee loyalty, you’d also be doing the right thing. Can’t beat that!

#9. You Don’t Have to Go it Alone

The next awesome tip is about working with an advisory board. Startup Professionals notes working with an advisory board can help to fill any talent gaps in your organization.

Now, this article is in the context of startups. But there’s no reason why you can’t work with an advisory board even if you’ve been in business for a while. An advisory board can be as formal or informal as you like. They’re essentially people you turn to for advice on your business.

Fill Knowledge Gaps

Gather ‘round for a quick true story.

Over a decade ago (oh my gosh, it really is that long ago), I worked at a startup. It was four engineering students at Worcester Polytechnic Institute. And me. You know, Wendy and the Lost Boys.

None of us really understood how to do everything from working with suppliers to doing the books. That’s not to say we didn’t try. And the school provided some assistance. But it wasn’t truly enough.

You don’t need to know everything. And you don’t need to do anything. Cripes, no.

Get help from others – and in this article the biggest takeaway is that a regular, formalish advisory board is the way to go.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Create more likeable social media and win over more customers and prospects. Plus, nine other awesome tips to keep your business humming.

#8. Spending Money to Bring in Employees to Help You Make Money

Our following life-changing tip concerns improving your recruiting budget. Indeed lays it all out for us. First, the budgeting process for recruiting should be going on all year long. And, the truth is, budgeting for everything should probably be more or less constant. Being able to roll with the punches and turn on a dime is good for nearly any aspect of business.

But let’s talk about your recruiting budget.

Examine Your Process and Refine It

So many businesses seem to be stuck in an older mindset when it comes to recruiting. They’re advertising online, yes, but that’s about the only difference between today and 1960.

It’s still vetting tons of resumes, in-person interviews, etc.

So, let me tell you a story.

The Never-ending Recruiting Process

Well, at least it seemed that way at the time.

A few decades ago, I was interviewing for positions and the standard was, you’ll hear in a week or so. Okay.

There was a company which I ended up interviewing with for two separate positions. Both of them said it would be a month before I would hear. So, for the second one, I asked why. And they told me it was to get through the pool of applicants and meet them. All of them.

I asked – how many people are interviewing for this one role?

Oh, forty.

Say what?

That business had never learned to triage its applicants. As a result, the recruiting process had to have been extraordinarily expensive.

Vetting and Meeting and Deciding

To combat this, that business would have done well to vet the applicants and their resumes better. Vetting takes some time. But it’s far cheaper than pulling so many people out of their work routines to meet with over thirty employees who would never work there.

By devoting more time and attention and money earlier in the process, you’ll save money. And you can save cash later in the process, too. After all, just how many people have to meet every single applicant? The first interview should be a second stage of vetting. Your, say, 40 applicants should be vetted down to maybe 20 who get a first interview. And then there should be maybe only 10 – 15 people who make it to the second interview round.

Putting off the big decisions and saving them for the end of the process wasted everyone’s time and money.

Tech to the Rescue

That company – and yours, too – could have used better triaging technology. It didn’t really exist then. But it sure as heck exists now. You may find the expense well worth it, to eliminate less acceptable candidates faster. And then you can concentrate on your best prospects.

Budgeting for such software should help to offset some of the human hour costs. So, be sure to factor that in when putting a final bow on your improved recruiting budget.

#7. Stretch Productivity Without Stretching Numbers

So, for our next sensational tip, we looked at upping sales productivity without upping headcount. LinkedIn says that most salespeople spend about 40% of their time selling. But if you could raise that to 50% for a ten-person team, then you would effectively have the work of 11 salespeople.

Pretty neat, eh?

But how do you do that?

Reduce the Time Spent on Things Which Keep Your Salespeople from Having Enough Time to Sell

Like what?

Well, like onboarding, for example.

How do you reduce the time onboarding? Isn’t it important? Of course, it is.

So, make your salespeople want to stay. And you won’t be onboarding quite so many people.

Another way to save non-selling time is with technology. Are your computers too slow? Do your employees constantly do workarounds to get their work done properly? Then your tech could stand an overhaul.

And our fave was good old outsourcing. Are your salespeople typing up orders, or keeping the common areas in your office tidy?

Why are they?

Pay someone else to do less skilled and mission critical work. Save your salespeople for what you hired them for – selling.

#6. Hello, I’d Like to Sell You Something

This tip is so easy, and it works! Mail Shake tells us all about selling over the phone. This article covers some fundamentals when it comes to any sort of selling – not just over the phone.

The tip I’d like to concentrate on is the one about action. As the article notes, once the writer knew what to do to make sales, he kept doing the same thing. Over and over again.

It’s hard to overemphasize the importance of this point. So, it means less experimenting, perhaps – or maybe not. After all, to be genuine with your prospects, you can’t say the exact same thing over and over again. Treating people individually is the name of the game – just check out our tip #5 for the specifics on that.

Instead, here’s an analogy which should be more instructive.

Free Throws

Have you ever played basketball? Any level, even pickup, counts.

There are a ton of variables in the game, as there are in all sports. Except for in one area (this is operating under the assumption that you’re inside – the outside world has wind as a variable).

Free throws.

It’s just you, the ball, the basket, and the free throw line. Basketball courts are of a regulation size. Unlike baseball diamonds, they have to conform perfectly to certain measurements. This includes court size, where the free throw line is, and the height of the basket. The ball stays the same (if you’re in an all-female league, the ball is smaller, but it’s the same size from game to game and from team to team).

Once you start making free throws, should you change your technique? Of course not. Just ask Hall of Famer Rick Barry.

Sales isn’t perfect. There are variables. But if it ain’t broke, don’t fix it.

#5. Generate More Likeable Social Media

Grab this mind-blowing tip while it’s hot!

More likeable social media is where it’s at.

Word Stream says treating every platform the same way is a mistake. And so is just tossing any old content out there. Be intentional with your marketing.

Actually, that’s good advice no matter where you’re marketing, or how.

Treating Everyone and Everything the Same is SO 1956

We live in a world of personalized marketing and branding. So, hop on board that train. It’s not going away any time soon.

But what does that mean to your brand?

It means paying attention to your customers’ and prospects’ demographics – and knowing those might not match perfectly. And it means paying attention to what they are saying and doing. If they’re not clicking on and liking cat videos (not everyone does – shocking, I know!), then don’t use cat videos in your marketing.

Here’s a tip which truly stood out for us.

Match the Visual with Relevant Copy

How many times have you gotten a message on your feed from a business? Probably lots of times, whether that’s on Facebook, Twitter, or elsewhere.

How many times did a cute puppy (awwww) accompany a message about buying brooms or taking a pottery class? Hopefully, not too often. And what did you do with those ads?

You probably ignored them. And you may even have felt a nagging, unconscious feeling that those ads were weird, as were the companies serving them.

Your gut was trying to tell you something.

Getting attention for a social media post with a wholly unrelated image can leave your audience with a vague feeling of being cheated. Because you have cheated them, in a way. You promised one thing, yet you failed to deliver on that promise.

Don’t do that.

But what do you do if your product just isn’t that attention-grabbing? Or you sell a service that is maybe harder to visualize, like life coaching?

Adding a Visual to a Concept Which Doesn’t Lend Itself to Visuals

Consider how the NBA team, the Miami Heat, does it. After all, heat is an amorphous concept. And they can’t go with the sun, as that visual goes along with another team, the Phoenix Suns.

So, the Heat did it with an image of flames. Even now, their name has a stylized flame tailing away from the T in Heat. And before, the image of flames was even more pronounced.

There is a team called the Calgary Flames. And they also use images of flames. The Heat can coexist in this space because the Flames are an NFL team. Hence, the Heat’s imagery won’t be confused with a rival’s.

So, consider related imagery and similar imagery. Maybe your life coaching visual can show pictures of the coach/coaches with clients or alone. Or maybe you can go with a more representational concept, like a ladder or a series of stairs, showing how a coach helps clients succeed. Experiment and play with the concept until you find what works.

We suggest reading the article in its entirety as there are plenty of other terrific tips in there.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Create more likeable social media and win over more customers and prospects. Plus, nine other awesome tips to keep your business humming.

#4. Up Your More Likeable Social Media Game

So, check out this spectacular tip, all about better promoting your company on social media. The Self Employed notes that, for example, you should never, ever buy followers.

The article is actually an infographic, and we recommend checking it out.

However – here’s a caveat.

The infographic refers to Klout Score. Which hasn’t been around since 2018. So, take it with a grain of salt. This doesn’t mean the infographic is no longer useful. It is! But we recommend digging a bit deeper and not just accepting every bit of it without some further investigation.

#3. Up Your Website Traffic with Influencer Marketing (Talk About Getting More Likeable Social Media!)

So, it’s not your imagination: this winning tip can increase your website traffic with influencer marketing. Noobpreneur tells us there are a number of ways to bring influencers around to working with you and your brand.

And these don’t have to be influencers with enormous followings. But wait, back up a sec – what’s an influencer?

The Power of Recommendations x 1000

When was the last time you bought a new car, or at least a new-to-you car?

Did you talk to your social circle about it? Maybe you wanted to find out if the new model you were looking at was really worth it. Or maybe you were trying to figure out if you could get a better deal on the other side of town. Perhaps you were asking about features you didn’t have and thought those options might be a good idea.

Whatever the reason, you were talking to influencers. Your personal influencers probably don’t have a million Instagram followers. But you trust them. So, their follower count most likely doesn’t matter to you.

That’s what influencers are. Except these are folks who you don’t know well, if at all. Hence, your degree of trust is different.

Divulge Any Commercial Relationships

In the article, they say you should be paying your influencers. And that makes sense – they’re offering a valuable service which you need. But at the same time, an influencer is supposed to be a trusted recommender. Doesn’t that feel like a paradox?

It doesn’t have to. By disclosing all commercial relationships (you disclose, and so does your influencer), then your audience is respected. They know – or at least they should know – that your influencer isn’t motivated by love, like your Aunt Sally.

Any savvy consumer will understand your influencer would be compensated for their services. But you will attain and retain their trust if you make it clear that your influencer gets some cash for saying your widget is better than your competitors’.

This does beg the question, though – what about when your customers are very young children? If this applies to your business, then I would advice you to use an overabundance of caution when working with influencers.

After all, you probably wouldn’t like it if your kids were overly influenced by someone – or manipulated by them.

#2. Prevent Facebook Ad Mistakes!

Our second to last unbeatable tip can give you a new perspective on avoiding Facebook advertising errors. Main Street ROI reveals all about the kinds of blunders which so many fall prey to on the world’s largest social media platform.

By the way, some of the errors involved not properly targeting an audience and not writing the right kind of ad – talk about needing to create more likeable social media!

But beyond that, here’s our favorite tip because we think a lot of people ignore it at their peril.

Don’t Ignore Custom Audiences

It is in Facebook’s best interests for your advertising on their platform to succeed. After all, if your company makes money, then you’ve got more money to spend on advertising on their platform.

And if you do well, you’ll tell others, etc.

They provide a ton of tools to help you succeed. Those tools are free.

So, why the heck aren’t you using them?

The Wonderful World of Custom Audiences

The idea behind custom audiences is to best target the people who will receive your sales messages. There probably aren’t any real universal products out there (I’m not talking about oxygen, which is technically not a product. And I’m not talking about health care, either, which is more like a galaxy of several products and services). So, because there are likely no truly universal products, your audience needs to be tailored in some fashion or another.

Even if you don’t have a perfect handle on the demographics of your audience, Facebook knows the demographics of the people who like your page.

So, target your Gen Xer customers, or your customers of color, or your female customers. Giving people the content they want means, to them, you’ve got more likeable social media content. That means engagement. And it can mean sales.

Think laser-like pinpointing, not blanketing.

#1. SEO, Like Politics, is Local

We saved the best for last. For our favorite remarkable tip, we focused on local SEO. Succeed as Your Own Boss says it all starts with Google My Business. Google gives you a ton of free real estate to provide detail about your business. And the search behemoth pulls from GMB when people search for services like yours in your area.

So, why are there blanks in your profile?

Fill ‘em.

You have space to tell Google what you are and what you do – and where you do it.

This means well-defined service areas. Let’s say you’re in Brooklyn. Your service area might be Queens. Or Bushwick (a part or Brooklyn). Yes, neighborhoods count. Make this information painfully clear. Because when someone is searching for your product or service in Park Slope (another part of Brooklyn), you want them to be able to find you!

So, which one of our brilliant business tips was your favorite? And which one will you be implementing now?

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Create more likeable social media and win over more customers and prospects. Plus, nine other awesome tips to keep your business humming.

The post Write More Likeable Social Media and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

Business Credit Card Balance Transfer

Need a business credit card balance transfer? Then look no further.

The Best Business Credit Card Balance Transfer

We researched a lot of company credit cards for you. So, here are our top picks, and more than a business credit card balance transfer.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal cards!

This demonstrates you can get a lot more funds with business credit. And it also shows you can have personal credit cards at retailers. So, you would now have an extra card at the same retail stores for your company.

And you will not need collateral, cash flow, or financial data to get company credit.

Business Credit Card Benefits

Perks can differ. So, make sure to pick the perk you would prefer from this variety of options.

Reliable Low APR Business Credit Card Balance Transfer

Discover it® Cash Back for a Business Credit Card Balance Transfer

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first business credit card balance transfer. So, this is for any business credit card transfer under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

Details

You can earn 5% cash back at different places each quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Also, automatically get unlimited 1% cash back on all other purchases.

You will get an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Remarkable Business Credit Cards with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.

By spending at least $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 yearly are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cellular phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber anticipates most of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accrue at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll want to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, earn 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So, keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash ℠ Credit Card. Companies can get cash back with each purchase. Spend $3,000 in the initial three months from account opening. And you’ll get a $500 bonus cash back.

There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and business credit card balance transfer. Thereafter, the APR is a 15.24 – 21.24% variable.

The card features travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this card has a business credit card balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.

And also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Starwood Preferred Guest® Business Credit Card from American Express

Another possibility is the Starwood Preferred Guest Business Credit Card from American Express.

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at American restaurants, American gas stations, and on American purchases for shipping.

Also, get four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, earn two points per dollar.

Details

Earn 75,000 bonus points when you spend $3,000 in the first three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

The biggest issue is the yearly fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Company Credit Cards with 0% APR – Pay Absolutely Nothing!

JetBlue Plus Card

Check out the JetBlue Plus Card for yet another offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at eating establishments and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the first 90 days and pay the yearly fee. So, then you can get 40,000 bonus points. New cardholders get a 12-month, 0% initial APR on any business credit card balance transfer made within 45 days of account opening.

After that, the variable APR on purchases and any business credit card balance transfer is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 yearly fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Secure Business Credit Cards for Average Credit

Capital One® Spark® Classic for Business

For average credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.

But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Terrific Cards for Cash Back

Capital One® Quicksilver® Card

Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards which cardholders can earn. Also, the card has a $0 yearly fee.

New cardholders have a 0% APR on purchases and any business credit card balance transfer for the first 15 months after opening the account. And then they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is on offer for those who make at the very least $500 in purchases within 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Credit Builder Company Credit Cards – Make Your Credit Surge!

Discover it® Student Cash Back

Be sure to look at the Discover it® Student Cash Back card. It has no yearly fee. The credit card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One distinct feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If scholars earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit annually for up to five years.

Details

Use this credit card to build personal credit. While this is a personal credit card versus a company credit card, for new credit users, their FICO scores will be vital. And this card provides an excellent way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.

In the initial year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater. And though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Small Business Credit Cards for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Consider the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For each dollar spent at participating IHG hotels, earn 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.

Plus, all other purchases earn one point. New cardholders can get an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card provides a free one-night hotel stay annually. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The biggest issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep

Marriott Rewards® Premier Plus Credit Card

This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.

Spend $3,000 in the first three months from account opening and get two free night awards (each has a value of up to 35,000 points).

Cardholders get access to perks including a free one-night stay every year after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Spend $35,000 each account year and be upgraded to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply

Unbeatable Cards for Jackpot Rewards

Ink Business Preferred ℠ Credit Card

This is a Visa credit card.

Details

Get 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.

This card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Best Business Credit Card Balance Transfer for You

Your outright best business credit cards hinge on your credit history and scores.

Only you can choose which features you want and need. So, make sure to do your homework. What is excellent for you could be disastrous for somebody else.

And, as always, make certain to establish credit in the recommended order for the best, quickest benefits.

The post Business Credit Card Balance Transfer appeared first on Credit Suite.

Why You Need Vendors to Build Business Credit

Building business credit is not like building personal credit. When building personal credit, you simply do the things you do every day and your credit score builds passively. You do not have to do anything special to start or build personal credit. You can just open accounts, make purchases, pay them off, and your score builds from there. Business credit is different however. You have to actively work at it, and it takes vendors to build business credit.

How to Use Vendors to Build Business Credit and Other Steps in the Process

Building business credit is a process. There are many steps in the process. Using vendors to build business credit is actually one of the last steps. There are many steps you will need to take to ensure you can properly use vendors to build business credit.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

The First Steps in the Process: Business Credit as Part of Overall Fundability

You absolutely cannot start to use vendors to build business credit if your business does not have a foundation of fundability. Here’s why. Vendors will report to the business credit reporting agencies, but those agencies will not be able to tell you from your business. Wondering how you ensure your business is set up to be fundable? We’ll tell you.

How to Build a Fundable Foundation for Your Business

A small business has to be fundable to lenders and merchants. The first step in this process, the one that allows vendors to report payments to your business credit report rather than your personal credit, is to separate your business from yourself. The business needs to be recognizable as an entity separate from the owner, and thus have financial transactions that are not related to the owner’s personal finances. Here is how you start.

Get Separate Contact Information

First, you have to ensure your business has its own phone number, fax number, and address. Now don’t panic. That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home or on your computer if that is what you want. You do not even have to have a fax machine.

In fact, you can get a business phone number and fax number pretty easily that will work over the internet instead of phone lines. In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want. Whenever someone calls your business number it will ring straight to you.

Faxes can be sent to an online fax service, if anyone ever happens to actually fax you. This part may seem outdated, but it does help your business appear legitimate to lenders.

You can use a virtual office for a business address. How do you get a virtual office? What is that? It’s not what you may think. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services. In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person.

You will also need a separate email address. Make sure it has the same URL as your business website. It shouldn’t be from a free service.

Get an EIN

The next thing you need to do is get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. Some business owners used their SSN for their business. This is what a lot of sole proprietors and partnerships do. However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up. When you are looking to increase fundability, you need to apply for and use an EIN. Get one for free from the IRS.

You Have to Incorporate

This is the most important step in fundability thus far. Incorporating your business as an LLC, S-corp, or corporation is essential. It lends credence to your business as one that is legitimate. It also offers some protection from liability. For business credit building, it is a necessary step in separating your business from yourself.

Which option you choose does not matter as much building credit as it does for your budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. What is going to happen is that you are going to lose the time in business that you have. When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated as well.

This is why you have to incorporate as soon as possible. Not only is it necessary for fundability and for building business credit, but so is time in business. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, regardless of when you actually started doing business.

Open a Business Bank Account

You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.

There’s more to it however. There are several types of funding you cannot get without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments. Studies show consumers tend to spend more when they can pay by credit card.

Lastly, many of the best vendors to build business credit require you to have a business bank account before they will extend credit.

Due to this fact, a small business needs a professional-looking website and email address. And it needs to have site hosting you actually pay for. A free hosting service looks unprofessional.

Get a D-U-N-S Number

You will also have to get a D-U-N-S Number from Dun & Bradstreet. It’s free and easy to do on their website, but beware. They will try to sell you other services you do not need. The number is free. You definitely need it to use vendors to build business credit. Without it, you will not have a business credit profile with Dun & Bradstreet. Since they are the largest and most commonly used business CRA, you need a profile with them.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

The Need Credit to Get Credit Cycle

Here is why you need vendors to build business credit. There is a vicious cycle in which you have to have credit to get credit. Most lenders and credit issuers will not extend credit if you do not have a good business credit score. However, there are certain vendors, known as starter vendors, that will extend credit without even doing a credit check. They break this cycle. Still, they do reduce their risk in other ways. You need to know what they look for.

The Vendor Credit Tier

These vendors that do not check credit are in what we like to call the Vendor Credit Tier. We recognize 4 tiers in the business credit building process, and the vendor credit tier is where you will find vendors to build business credit. Typically, they offer net terms on invoices rather than revolving credit. This means, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account.

Then, after you make payment, they will report your payment to the business credit reporting agencies.

There are a few such vendors out there. Here are some options to help get you started.

Examples of Vendors to Build Business Credit: Some of Our Top Picks

Not every vendor can help in the same way true starter credit can. These are vendors that grant an approval with negligible effort. You also need them to be reporting to one or more of the big three CRAs. These are Dun & Bradstreet, Equifax, and Experian.

Uline is One of Our Favorite Vendors to Build Business Credit

Uline sells shipping, packing, and industrial supplies. Also, they report to Dun & Bradstreet. This means you must have a D-U-N-S number.

In addition, they ask for 2 references and a bank reference. The first few orders might need to be paid in advance to get approval for Net 30 terms.

Quill

Quill is another true starter vendor. They sell office, packaging, and cleaning supplies. They report to D&B and Experian.

Since Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless you already have a D&B score.

Generally, they put you on a 90-day prepayment schedule. If you order items each month for 3 months, they usually approve you for a Net 30 Account.

Grainger Industrial Supply

Grainger Industrial Supply is likewise a true starter vendor. They sell safety equipment, plumbing supplies, and more. Like Uline, they report to D&B. To qualify, you must have a business license, EIN, and of course a D-U-N-S number.

For under a $1000 credit limit they approve almost anybody with a business license.

You need 5 to 8 of these types of accounts to move onto the next step, which is the retail credit tier.

Existing Accounts that Do Not Report

Be sure to check with any vendors you already do business with and ask if they will extend net terms or vendor credit of some sort and report to the business CRAs. They do not have to, but they might since they already have a relationship with you.

Likewise, ask your landlord and utilities companies if they will report your payments to them. Again, they are under no obligation to do so. However, if you ask them, they just might do it. If they do, this will only build your business credit faster.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

The Rest of the Story

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are companies like Office Depot and Staples. They offer revolving credit only to be used in their own store or website.

After there are 8 or 10 of these types of account reporting, you can move to the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair, and take care of vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

If you have been responsibly managing the credit you’ve gotten up to this point, you can start to apply for credit in the cash credit tier. These are companies that extend credit not limited by location or type of purchase. Typically, these accounts have higher limits, better interest rates, and sometimes they even offer rewards!

Vendors to Build Business Credit and Business Credit Monitoring

It is important that you monitor your business credit for many reasons. However, when you are using vendors to build business credit it is even more important. This is how you will keep up with which vendors are reporting. Then, you can know when your score may be strong enough to move on to the next credit tier.

Furthermore, you will be able to keep an eye on the overall health of your credit score and catch any mistakes that may pop up.

Be Sure to Choose the Right Vendors to Build Business Credit

Like I said before, not all vendors will work to build business credit. Not only do they have to extend credit relatively easily without a credit check, but they also have to report your payments to the proper agencies. We’ve provided you with a list of a few to start with, and there are more vendors to build business credit out there. Do you research and find the ones that work best for your situation.

The post Why You Need Vendors to Build Business Credit appeared first on Credit Suite.

Producing with Business Credit Cards

Producing with Business Credit Cards Service bank card have actually ended up being prominent as a resource of funding for small companies. The financial institutions that provide company bank card and also lots of sector onlookers have actually determined local business charge card as a possible location for considerable development. The individual bank card market …

The post Producing with Business Credit Cards appeared first on Buy It At A Bargain – Deals And Reviews.

Beating Imposter Syndrome and More –10 Brilliant Business Tips of the Week

Have you ever struggled with not thinking you or your business was good enough? Then you’ll want to read on and scoop up our tips for beating imposter syndrome. The Hottest and Most Brilliant Business Tips for YOU – You Could Be Beating Imposter Syndrome and More Our research ninjas at Credit Suite smuggled out … Continue reading Beating Imposter Syndrome and More –10 Brilliant Business Tips of the Week

Everything You Need to Know About Your Experian Business Credit Score

Experian is one of the big three credit reporting agencies. Equifax and Dun & Bradstreet are the other two. In fact, Experian keeps business credit profiles on 99.9% of all American companies. Furthermore, it boasts the most in-depth information on small and midsize businesses. Knowing this, it is easy to see why your Experian business credit score is important.

Your Experian Business Credit Score: How to Start It, Build It, and Keep It Strong

Obviously, the score is important. As a result, it is necessary to know how Experian gets their data on your business. How do they calculate your Experian business credit score? What does their report tell lenders? More than that, can you improve your score if it isn’t great?

Keep your business protected with our professional business credit monitoring.

How to Start Your Experian Business Credit Score

According to Experian, all their information comes from third parties. This means you cannot add any information to your company credit profile. That said, you can still review your report for mistakes.

You still have to ensure your business is set up properly. If it isn’t, third parties will not recognize your company as a business. You have to establish your business as an entity separate from yourself. Otherwise, your business transactions will get mixed up with personal transactions. They may show up on your personal credit report. This will cause a huge tangle of a mess.

To separate your business from yourself, make sure your business has the following.

EIN
Separate contact information
A dedicated business account
Also, you have to formally incorporate

Experian business Credit Score: Intelliscore

You have to set up your business to be separate from yourself so your business accounts will report to the business CRAs. With Experian, the main business credit score and report is the Intelliscore Plus. Along with your Experian business credit score, the report contains the following:

Identifying Information

First, there is the standard identifying information. This includes company name and address, in addition to any ownership information. This part also lists important personnel and the type of company you have. Time in business, number of employees, and the amount of yearly sales are also in this section.

Payment Information at a Glance

After this, there is a section that lists how delinquent payments are, along with how many days late they are. It also provides an overall trend. For example, the lowest and highest balance for the past six months. Current balance is also shown. So it shows the credit limit available to your business. And this is how the report gives an idea of the credit utilization rate for your company.

In addition, this part lists the number of tradelines your business holds. It also includes how many times a company has checked your credit and any UCC filings.

It also shows the percent of businesses doing worse than yours as well. The number of bankruptcies, liens, and judgments are in this section too.

Credit Summary

The credit summary shows your business’s Experian credit score. Also, it links to information on what goes into the score and tips on the best ways to improve it.

Payment Summary

Next, you see the payment summary. There are line graphs for monthly and quarterly payment trends. Conveniently, it also shows where the numbers come from. There is even a graph that shows the monthly payment trend in relation to the what is average for the industry.

Below this, there are three bar charts showing payment trends for the past 6 months. This is as reported from the tradelines.

Trade Payment Information

The next part is about how your business has done with its payments, broken down by type of account.

Inquiries

Next up are inquiries into your small business’s credit. The list names companies making inquiries and the month the inquiry was made.

Collection Filings

If your company has any collection filings, the listing is here by date. It includes collection agency name, status, amounts, and the close date, if appropriate.

Collections Summary

The summary is relatively self-explanatory. It is just below the collection filings portion.

Keep your business protected with our professional business credit monitoring.

Commercial Banking, Insurance, Leasing

Here, Experian lists all the data it has on your business relationships. Specifically, this includes relationships with insurance, commercial banking, and leasing companies. For example, how much credit was extended? When did the loan start? What is the remaining balance, if any?

Judgment Filings

Next is the report on legal information. It includes the court where a judgment was filed, the date, and how much it was for.

Tax Lien Filings

Tax lien filing information is similar to judgment filings. The only difference is there is a listing for a filing location instead of court.

UCC Filings

In this section you will see the following information related to UCC filings:

Date
filing number
jurisdiction
name of the secured party
activity on the filing.

UCC Filings Summary

Just beneath is the UCC filings summary, broken down by filing period and type of filing.

Business Owner Profile

Experian will also include an entrepreneur profile for smaller companies. The purpose is to show the relationships between you, the person, and your business. This automatically links the credit history of more than 5 million business owners to their business credit report.

It makes it much easier for your creditors to access your personal credit. This aids them in determining your overall creditworthiness. That’s important. It means that you can do the work to establish separate business credit. But your personal credit still matters. But this is in some cases.

Experian Business Credit Score: Intelliscore

The Intelliscore Plus credit score is a credit-risk evaluation based on statistics. The goal is to help businesses, investors, and prospective lenders make decisions about creditworthiness.

It’s similar to how lenders use your personal credit score. Before they decide to lend money to you, they check your credit score. The Intelliscore Plus can provide an idea of the credit risk associated with a specific business.

Intelliscore Plus Credit Score Range

The scores range from 1 to 100. The higher your score, the lower your risk class. Alternatively, the lower your score, the higher your risk class. The chart below describes each range and what it means to lenders.

Score Range Risk Class

76 – 100 Low

51 – 752 Low – Medium

26 – 503 Medium

11 – 254 High – Medium

1 – 105 High

How Is an Intelliscore Plus Credit Score Calculated?

In the credit world, Intelliscore Plus is one of the best tools for predicting risk. One reason is that they identify key factors that show how likely a business is to pay their debt.

There are over 800 of these factors. However, they can all fit into the following general categories.

Payment History

Not surprisingly, this is how well you are making payments. It includes the number of times your accounts become delinquent. It also shows the percent of accounts that are currently late. Your overall trade balance is listed too.

Frequency

Frequency refers to the amount of times your accounts have been sent to collections. It includes the number of liens and judgments you may have. Any bankruptcies related to your business or personal accounts also show up here.

In addition, frequency has to do with your payment patterns. Were you regularly slow or late with payment? Did you start off paying bills late but get better over time?

Financial

This specific factor focuses on how you use credit. For example, how much of your available credit is currently in use? Do you have a high ratio of delinquent balances in relation to your credit limits?

If you are about to start a business or are somewhat new to this game, the list above may seem a bit overwhelming. But what if your business is not yet in operation? Or you do not have a long history of business transactions? Then how will they rate you?

In this case, a blended model is used to establish your score. That means they consider your personal consumer credit score with your business’s credit score.

Other Experian Reports

Experian offers a number of other products as well. These include reports designed to help you as the owner monitor your business credit.

Business Credit Advantage Plan

This one is currently $149 monthly and contains mobile-friendly alerts and score improvement tips.

Profile Plus Report

This report is currently priced at $49.95. It features comprehensive financial payment data and predictive information on payment behavior.

Credit Score Report

This is the least expensive of the reports, currently priced at $39.95. Basically, it includes comprehensive business and credit information. Also, there is a summary of financial payment data.

Valuation Report

This report sells for $99 right now. It shows the value of your company and contains Key Performance Indicators. Additionally, it shows your business’s fair market value.

Keep your business protected with our professional business credit monitoring.

Premium Corporate Profiles

Experian also furnishes premium corporate profiles at an addition cost. The enhanced profiles contain even more detail including:

Sales figures
size
contact details
products and operations
credit summary
any Uniform Commercial Code (UCC) filings
fake business names
payment and collections history

This is in addition to the data supplied in their basic corporate profiles. They also have information on credit inquiries made in the past nine months.

Credit Alerts

Not surprisingly, you can subscribe to business credit alerts. Experian’s Business Credit Advantage program serves as a self-monitoring service. You get unlimited access to your business’s business credit report and score. You can make use of this tool for proactively handling your business credit. Alerts are sent for:

Company address changes
Changes in your business credit score
Credit inquiries on your business profile
Newly-opened credit tradelines
Any USS filings
Collection filings and
Any public record filings, for example, liens, bankruptcies, and judgments

There are ways to monitor your Experian business credit score for a fraction of the cost. Be sure to do your research.

How Do You Improve Your Experian Business Credit Score?

If your Experian business credit score isn’t the best, there are a few things you can do to improve it. It takes time, but it is possible.

Make On-Time Payments Consistently

Paying your bills on time will help establish your small business as one that meets financial obligations. This will eventually help push your score up. As a result, lenders will view your business as low risk.

Use the Credit

Keep your debt low. That’s good advice. Still, opening business credit accounts can help raise your credit score. The key is to use all credit responsibly.

Keep Your Personal Credit in Check

By now, you’re aware that your personal credit is fair game when it comes to your Intelliscore Plus score. Running a business is hard work. However, don’t let your personal finances suffer. See to it you stay on top of your personal debt. Steer clear of credit checks that are not necessary. Basically, do not compromise your personal credit for business needs.

Your Experian Business Credit Score is Vital to Funding Approval, But There is More

Your credit score from all of the business credit reporting agencies is important. Each one can affect your ability to get funding. One isn’t more important than the other. This is because you never know which agency a lender may use.

However, credit score isn’t the only thing that matters. Business credit scores are just one piece of overall business fundability. There is so much more to it. Fundability as a whole is much more complicated than just business credit. The bigger picture is just as important.

What makes up this bigger picture? There are a number of things that go into fundability. For example, you have to have all of the licenses necessary to run your business. In addition, there has to be consistency in your business information across all platforms. Of course, your business has to be set up to be fundable as well. All of this and more comes together to form the complete fundability of your business. Are you wondering if your business is fundable? Take a minute and do an analysis of fundability and see what you find out.

The post Everything You Need to Know About Your Experian Business Credit Score appeared first on Credit Suite.

What You Need to Know about Business Lines of Credit

Solving the Business Lines of Credit Mystery

Business Lines of Credit vs. Credit Cards

3 Questions to Ask Yourself Before Looking for Business Lines of Credit for Your Business

Why Do You Need a Credit Line?

What is Available to You?

What is Your Business Credit Like?

When Is a Line of Credit Better than a Credit Card?

Where Can You Find Business Lines of Credit?

Where to Find the Best Business Line of Credit

Kabbage

StreetShares

OnDeck

Lending Club

The Best Business Lines of Credit May Be Closer Than You Think

The Hottest and Most Brilliant Business Tips for YOU – Support Remote Working and More

#10. Content is King; We’re All Just Vassals (or Maybe Court Jesters)

Define Your Niche, and Then Broaden It

#9. Marketing for Those of Us with Champagne Tastes and Beer Pocketbooks

Fishbowl Marketing

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An Example

A Personal Story

#7. Good Blog Posting is no Accident

Bang! Bullet Points to the Rescue

#6. Creating Bite-Sized Content for Bite-Sized Attention Spans

Short, Sweet, and Maybe to the Point

Videos

#5. Keep Your Workers Safer and Support Remote Working – Now and Forever

Look at that Big Candidate Pool – Just Look at it!

#4. Ready, Set, Makeover!

Clutter, Clutter, Everywhere

#3. Initial Traction, then Scaling

Squeeze Those Pennies!

Selling is Everyone’s Job

#2. Job Candidates are People, Too

Don’t Wait Forever to Provide Feedback

#1. Is Disruption Compatible with Customer Satisfaction and Process Excellence? It Can Be

Map and Maintain Your Processes

The Very Best Business Credit Cards

Best Business Credit Cards: Advantages

Best Business Credit Cards with 0% APR – Pay Zero!

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Costco Anywhere Visa® Business Card by Citi

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Capital One® Spark® Classic for Business

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SimplyCash Plus Business Credit Card from American Express

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Capital One® Quicksilver® Card

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Best Business Credit Cards – Get a Secured Option

Wells Fargo Business Secured Credit Card

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Ink Business Preferred ℠ Credit Card

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